American Bacon Inc. financial statements are presented in the table below

January 16, 2017 0 Comments

Question: American Bacon Inc. financial statements are presented…

American Bacon Inc. financial statements are presented in the table below.

Based on the information in the table, calculate the firm’s net profit margin.

Round the answers to two decimal places in percentage form. (Write the percentage sign in the “units” box).

THERE ARE TWO ANSWERS…..ONE THE ACTUAL ANSWER and TWO THE UNITS…

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Balance Sheet December 31, 2010

 Cash and marketable securities \$102,000 Accounts payable \$287,000 Accounts receivable \$299,000 Notes payable \$61,200 Inventories \$628,000 Accrued expenses \$51,900 Prepaid expenses \$10,300 Total current liabilities \$400,100 Total current assets \$1,039,300 Long-term debt \$415,000 Gross fixed assets \$1,502,000 Par value and paid-in-capital \$376,000 Less: accumulated depreciation \$312,000 Retained Earnings \$1,038,200 Net fixed assets \$1,190,000 Common Equity 1,414,200 Total assets \$2,229,300 Total liabilities and owner’s equity \$2,229,300

Income statement, Year of 2010

 Net sales (all credit) \$6,387,700.00 Less: Cost of goods sold \$4,726,898.00 Selling and administrative expenses \$345,000.00 Depreciation expense \$148,000.00 EBIT \$1,167,802.00 Interest expense \$50,600.00 Earnings before taxes \$1,117,202.00 Income taxes \$446,880.80 Net income \$670,321.20